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(N2) Bullish Theme Remains Intact

BRENT TECHS
  • RES 4: $123.44 - High Mar 8
  • RES 3: $121.13 - 76.4% retracement of the Mar 7 - 15 downleg
  • RES 2: $115.76 - High Mar 24 and a bull trigger
  • RES 1: $115.69 - High May 17
  • PRICE: $111.33 @ 07:01 BST May 20
  • SUP 1: $105.70/101.30 - Low May 13 / Low May 11
  • SUP 2: $99.25 - Low Apr 25 and a key near-term support
  • SUP 3: $97.18 - Low Apr 11
  • SUP 4: $92.59 - Low Mar 15 and a bear trigger

Brent futures are trading below Tuesday’s high of $115.69. A bullish theme remains intact though. The pair has this week breached resistance at $114.00, May 5 high. This signals potential for an extension higher short-term and has opened $115.76, the Mar 24 high and a bull trigger. A break would open the $120.00 handle. On the downside, key support is unchanged at $101.30, the May 11 low. Initial support is seen at $105.70, the May 19 low.

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